Mitsubishi Heavy Industries, Ltd. (MHI) completed the acquisition of 100% of Concentric, LLC, a top provider of industrial power solutions in North America, from OnPoint Group on October 2.
Concentric will take steps under its new ownership as a member of the MHI Group to promote zero emissions, energy conservation and electrification with the aim of improving the service provided to customers of its North American data centers, logistics warehouses and industrial facilities. It will also utilize the cutting-edge technology and knowledge gained through its partnership with MHI to provide sustainable power solutions.
As the world transitions to digital technology, demand for data centers is growing, and the industry is grappling with the issue of how to adopt zero emission power sources and conserve energy. MHI Group aims to solve this issue by providing total energy solutions that offer data centers a one-stop service encompassing power systems, cooling systems, and control and monitoring.
Concentric’s maintenance and service functions will be key to ensuring efficiency and sustainability throughout the whole system and adapting quickly to changes in customers’ needs. MHI is confident that forming an alliance with a company that has a customer network spanning the entirety of North America will be a major step toward energy optimization in data centers and logistics warehouses, leading to a reduction in CO2 emissions.
As a member of MHI Group, Concentric will meet customers’ expectations to an even higher level and strengthen its response to social and environmental issues. Together, MHI and Concentric will utilize their respective technologies and know-how to provide cutting-edge solutions for customers not only in North America but around the world.
About ConcentricFounded in 2000 and headquartered in Carrolton, Texas, Concentric is a full-lifecycle power system solutions provider with bases across North America. The company’s signature solutions, GuaranteedPOWER® and PerpetualPOWER® are industry firsts, enabling leading facilities from manufacturers, distributors to data centers to improve safety and consistency through a fixed cost program delivering 30% average total cost savings. For details, see concentricusa.com.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
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The Competition Commission of India (CCI) approves acquisition of equity securities amounting up to 10% in YES Bank by Verventa Holdings
Verventa Holdings Ltd. (Acquirer) is an investment holding company. Currently, it does not have any operations in India.
YES Bank Limited (Target) is a banking company engaged in providing a wide range of banking and financial services.
The Commission approved the Proposed Combination relating to the acquisition of equity securities amounting to up to 10% of the total paid up share capital and voting rights of the Target by the Acquirer (Proposed Combination).
Detailed order of the CCI will follow.
(Release ID: 1869750)
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The Competition Commission of India (CCI) has approved the acquisition of Citrix Systems, Inc. (Citrix) by funds managed by Vista Equity Partners Management, LLC (Vista) and funds and investment vehicles managed by Elliott Investment Management L.P. (Elliott)
The proposed combination relates to acquisition of Citrix by funds managed by Vista and funds and investment vehicles managed by Elliot approved by the Commission in its meeting held on 17th June, 2022. The proposed combination will be implemented pursuant to an Agreement and a Plan of Merger entered into and among Citrix, Picard Parent, Picard Merger Sub, Inc. (a wholly owned subsidiary of Picard Parent) and TIBCO Software Inc. (TIBCO). Specifically, TIBCO, a Vista controlled portfolio company will combine with Citrix, and Vista and Elliott will ultimately acquire joint control of the combined Citrix/TIBCO business.
The names of the parties to the combination are:
(a) Elliott Alto Aggregator GP LLC (Elliott Aggregator)
(b) Picard Parent, Inc (Picard Parent);
(c) Picard HoldCo LLC (Holdco); and
(d) Citrix Systems, Inc. (Citrix).
Vista and Elliott have been collectively referred as Acquirers. The Acquirers and Citrix are collectively referred to as the Parties.
Vista is a US-based investment firm focused on empowering and growing enterprise software, data and technology-enabled businesses. Vista controls a number of portfolio companies that are active in the provision of IT services such as the provision of business software.
Elliott is a US-based investment firm whose flagship fund, Elliott Associates, L.P., was founded in 1977. Elliott employs a multi-strategy trading approach that encompasses a broad range of strategies, including, without limitation: equity-oriented, private equity and private credit, distressed securities, non-distressed debt, hedge/arbitrage, real estate-related securities, commodities trading and portfolio volatility protection.
Citrix is a multinational enterprise software company headquartered in Florida, United States of America. Citrix is focused on helping organisations deliver a consistent and secure work experience. Citrix delivers a digital workspace solution that provides unified, reliable and secure access to all work resources (apps, content, etc.) and simplifies work execution and collaboration across every work channel, device, and location. Broadly, Citrix is mainly active in (i) desktop virtualization space, (ii) workspace solutions, and (iii) networking and IT security software.
(Release ID: 1839373)
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